By Adam Jones, Market Realist, July 23, 2018
The cannabis sector continued to slide last week. The benchmark Horizons Marijuana Life Sciences ETF (HMMJ) declined 9.2% between July 13 and July 20. Similarly, the Emerging Marijuana Growers Index ETF (HMJR) declined 5.6%, and the ETFMG Alternative Harvest ETF (MJ) declined by 5.5% over the same period.

Cannabis Stock Returns for the Week Ended July 20 2018-07-21

Stock performance
Canopy Growth (CGC) (WEED) fell the most among industry players last week with a decline of 15.7%, followed by Aurora Cannabis (ACB) (ACBFF), which fell by 14.6% over the same period. MedReleaf (MEDFF) declined by 11.9%, and Aphria (APHQF) fell by 11.2%. These four stocks are the biggest players in the cannabis market, and their decline last week could have prompted funds to move out of these stocks and into the newly debuted cannabis company in the US, Tilray (TLRY). Tilray debuted on July 19, and the stock has climbed almost 33% since it began trading. In addition to Tilray, Emerald Health (EMHTF) gained a small 78 basis points after its big sell-off a week ago.

Other stocks that fell
Other stocks that fell include CannTrust (CNTTF) with a fall of 8.7%, Cronos Group (CRON) with a fall of 7.5%, Hydropothecary (HYYDF) with a fall of 7.1%, and Supreme Cannabis (SPRWF) with a fall of 7%. Organigram (OGRMF) was also down last week with a fall of 4.2%.

The overall market last week was reeling under negative sentiment amid trade war pressures. The fears were reflected in the TSX Composite Index, which fell 76 basis points.